$150M Withdrawal Wave Hits Hyperliquid's HYPE Token

Hyperliquid's HYPE token saw an 8% price drop to $58 after three major funds initiated withdrawals totaling around $150 million in tokens. The funds, including Multicoin Capital, Selini Capital, and Galaxy Digital, had previously staked their tokens on the Hyperliquid platform.

The sheer magnitude of the withdrawal request represents nearly twice the daily spot market activity for HYPE, with a 24-hour trading volume exceeding $415 million. This has led to concerns about market imbalance and potential price volatility.

According to an on-chain tracking report, Multicoin Capital transferred around 167,000 HYPE tokens worth approximately $11.2 million to the Coinbase exchange, further contributing to the token's decline.